Finance news

• European Commission says 'ball still rolling' on trade deal with U.S.

  29-08-2016 23:37 via news.yahoo.com
  
  The European Union's executive said on Monday it had a unanimous mandate from the bloc's 28 members to finalize negotiations on a free trade deal with the United States, a day after Germany's economy minister said the talks had "de facto failed". Sigmar Gabriel of Germany, the EU's biggest economy, said on Sunday that negotiations over the Transatlantic Trade and Investment Partnership (TTIP) had failed because Europe rejected some U.S. demands. Asked to comment on Gabriel's remarks, a European
  
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• Race for Facebook data center raises tax-break questions

  29-08-2016 23:36 via news.yahoo.com
  
  SALT LAKE CITY (AP) — The race between a small town on the Rio Grande in New Mexico and a Salt Lake City suburb to entice a new Facebook data center with millions of dollars in tax breaks and subsidies is raising questions about public investments in a booming cloud-computing economy that typically brings few local jobs.
  
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• Congressional leaders ask for more time to study new fuel rules

  29-08-2016 23:13 via news.yahoo.com
  
  Three Congressional leaders on Monday asked top federal environmental and safety officials to extend by 60 days the public comment period on new vehicle emissions and fuel economy standards. The U.S. Environmental Protection Agency and the National Highway Traffic Safety Administration said in a July report that automakers have the technology to meet aggressive mandates to hike fuel efficiency, but improvements will not be as great as the Obama administration once forecast because buyers are swi
  
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• Sycamore Partners confirms bid for bankrupt Aeropostale

  29-08-2016 23:09
  
  SAN FRANCISCO, Aug 29 (Reuters) - Sycamore Partners on
  Monday confirmed it submitted a bid for Aeropostale Inc after a
  judge issued an opinion rejecting the teen-focused retailer's
  attempt to block...
  
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• TSX gains muted by energy stocks; banks, miners shine

  29-08-2016 23:07 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index rose on Monday, but by less than its U.S. peers, as investors bet on rate hikes sooner south of the border and lower oil prices weighed on the commodity-rich TSX. Financial stocks were among the most influential gainers on the Toronto Stock Exchange's S&P/TSX composite index as investors took signals from U.S. Federal Reserve policymakers including Chair Janet Yellen as evidence of economic resilience in Canada's main trading pa
  
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• Wall St. gains as data points to budding economy

  29-08-2016 22:52 via news.yahoo.com
  
  Financial and commodity-sector stocks led the S&P 500 higher in a low-volume session on Monday after consumer spending rose for a fourth straight month, pointing to a pick-up in U.S. economic growth. After Fed Chair Janet Yellen said the case for a rate hike before the end of the year was strengthening, Vice Chair Stanley Fischer seemed to indicate not only the possibility of a tightening move in September but a second one in December. "Utilities are up on a bounce," said Art Hogan, chief ma
  
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• U.S. shares gain, European shares dip on Fed rate hike bets

  29-08-2016 22:25 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - U.S. stock markets climbed on Monday while European share markets slipped in the wake of comments by top Federal Reserve officials that bolstered expectations for an interest rate hike by the U.S. central bank this year. Fed Chair Janet Yellen said on Friday the case for a rate increase was strengthening, but provided little detail on when the Fed would next move. Vice Chair Stanley Fischer suggested on CNBC that a rate hike as soon as next month was possible
  
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• European experts float post-Brexit 'partnership' with Britain

  29-08-2016 21:52 via news.yahoo.com
  
  A senior German lawmaker, an adviser to the French prime minister and a former deputy head of the Bank of England have proposed that a post-Brexit Britain form a new "continental partnership" with the EU. In a paper published on Monday by the Brussels-based Bruegel think-tank, five experts argue that Britain be given a say in the affairs of a more closely integrated European Union in return for contributing to shared security and budgets as well as accepting a degree of easy immigration for Euro
  
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• Brazil's Rousseff says democracy at risk in Senate trial

  29-08-2016 21:44 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - A defiant President Dilma Rousseff warned Brazilians on Monday that her conservative opponents were trampling on democracy by using trumped-up charges to oust her and roll back the social advances of the past 13 years. Presenting her defense at a trial in the Senate, in what may be her last public appearance as president, the leftist leader said Brazil's economic elite had sought to destabilize her government since her narrow re-election to a second four-ye
  
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• New York Yankees baseball team to refinance $1 billion of stadium debt

  29-08-2016 21:30 via news.yahoo.com
  
  Yankee Stadium LLC would save money in the current low-interest rate environment by refinancing about $1.2 billion of old outstanding debt issued in 2006 and 2009, when the stadium opened. The stadium refinancing was contained in a notice of a Sept. 15 public hearing by the New York City Industrial Development Agency (NYCIDA), an arm of the city's economic development corporation that acts as a conduit issuer for private firms to borrow on the tax-exempt municipal bond market. The approximately
  
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• Banks lead gains on Wall Street on hopes for higher rates

  29-08-2016 20:55 via news.yahoo.com
  
  NEW YORK (AP) — Banks are leading the stock market higher in afternoon trading Monday as investors anticipate that the Federal Reserve is moving closer to raising interest rates this year from their historically low levels. That could help banks by making lending more profitable. Herbalife rose after activist investor Carl Icahn, the company's largest shareholder, said he has increased his stake. The market is coming off of three days of losses.
  
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• Bankrupt Samson Resources, creditors reach restructuring deal

  29-08-2016 20:31
  
  Aug 29 (Reuters) - Samson Resources Corp, one of the largest
  energy companies to seek bankruptcy in the current commodities
  slump, reached a new agreement with creditors that aims to bring
  the...
  
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• U.S. assets gain, European shares dip on Fed rate hike bets

  29-08-2016 19:54 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - U.S. stock markets and the dollar climbed on Monday while European share markets fell, following comments by top Federal Reserve officials that bolstered expectations for an interest rate hike by the U.S. central bank this year. Fed Chair Janet Yellen said on Friday the case for a rate increase was strengthening, but provided little detail on when the Fed would next move. Vice Chair Stanley Fischer suggested on CNBC that a rate hike as soon as next month was
  
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• Brazil's Rousseff says democracy at stake in Senate trial

  29-08-2016 19:30 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - A defiant President Dilma Rousseff warned Brazilians on Monday that her conservative opponents were trampling on democracy by using trumped-up charges to oust her and roll back the social advances of the past 13 years. The leftist leader, appearing before the Senate in a trial expected to remove her from office this week, said Brazil's economic elite had sought to destabilize her government since her narrow re-election to a second four-year term in 2014. Ro
  
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• Wall St gains as financials rally on Fed rate comments

  29-08-2016 19:10 via news.yahoo.com
  
  Wall Street snapped a three-day losing streak on Monday as financial stocks rose after Federal Reserve Chair Janet Yellen said the case for an interest rate hike had strengthened. Yellen, addressing a gathering of global central bankers on Friday, said the central bank was close to meeting its goals of maximum employment and stable prices, while describing consumer spending as "solid". Yellen gave little indication of when the Fed would move but Vice Chairman Stanley Fischer suggested that a mov
  
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• US stocks rise on Fed rate hike talk

  29-08-2016 18:26 via news.yahoo.com
  
  US shares rose Monday with investors' mood bouyed by hints from the US Federal Reserve of an interest rate hike because of strong growth. Elsewhere, traders seemed less certain, with most world stock markets dipping as they tried to second-guess the Fed's timing of its next rate rise. In a much-scrutinised speech, Fed chief Janet Yellen on Friday hinted at a US interest rate rise by the end of the year.
  
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• Trade dispute, policy divisions hang over Trudeau trip to China

  29-08-2016 18:17 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau visits Beijing this week seeking deeper ties with China but a dispute over canola exports, government divisions over China policy and the case of a detained citizen look set to limit his gains. China welcomed last year's election victory by Trudeau's Liberals, recalling with fondness that his father Pierre Trudeau was prime minister when Canada formally established relations with Beijing in 1970. China, the world's seco
  
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• Germany wants Facebook to take initiative in fight against online hate

  29-08-2016 18:08 via news.yahoo.com
  
  By Thorsten Severin BERLIN (Reuters) - The German government wants Facebook to be more proactive in monitoring and, if necessary, removing forbidden as well as offensive content from its social network platform. Interior Minister Thomas de Maiziere visited Facebook's offices in Berlin and said the company had done well in cooperating with authorities when help was requested but it needed to do more on its own to thwart racist comments, outlawed symbols and appeals for terror. "Facebook has an im
  
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• EU insists 'ball still rolling' on US trade deal

  29-08-2016 17:39 via news.yahoo.com
  
  The European Commission Monday insisted talks on a huge US free trade agreement were on track, rejecting German claims that irreconcilable differences had left the deal dead in the water. The Commission is making steady progress," Commission spokesman Margaritis Schinas said when asked about comments by German Vice Chancellor and Economy Minister Sigmar Gabriel that the talks had "failed". "Talks are now indeed entering a crucial stage but ... provided the conditions are right, the Commission st
  
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• Solid U.S. consumer spending boosts prospect of Fed rate hike

  29-08-2016 17:34 via news.yahoo.com
  
  U.S. consumer spending increased for a fourth straight month in July amid strong demand for automobiles, pointing to a pickup in economic growth that could pave the way for the Federal Reserve to raise interest rates this year. Monday's report from the Commerce Department came several days after Fed Chair Janet Yellen said the case for raising rates had strengthened in recent months. The Commerce Department said that consumer spending, which accounts for more than two-thirds of U.S. economic act
  
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• Less haze this year, Indonesia promises

  29-08-2016 17:29 via news.yahoo.com
  
  By Fergus Jensen JAKARTA (Reuters) - Indonesia's Disaster Agency said it is confident the country's forest fires and haze of toxic smoke they send over Southeast Asia are unlikely to reach levels seen in 2015 because of favorable weather conditions and a quicker emergency response. Last year's fires were among of the worst on record, straining relations between Indonesia and its neighbors, and costing the country at least $16 billion in economic losses, equivalent to 1.9 percent of its gross dom
  
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• Bank stocks lead morning gains on Wall Street

  29-08-2016 17:25 via news.yahoo.com
  
  Banks and other financial companies are leading stocks higher in morning trading on Wall Street Monday as investors hope for higher interest rates. The market is coming off three days of losses. Herbalife ...
  
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• Battered Greek economy expands mildly in April-June

  29-08-2016 16:53 via news.yahoo.com
  
  Greece's battered economy expanded by a quarterly rate of 0.2 percent in the April-June period, despite a small decline in consumer spending and exports. The figure released by the country's statistical ...
  
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• Brazil's Rousseff says 'future of Brazil at stake' in Senate trial

  29-08-2016 16:38 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - Suspended President Dilma Rousseff told the Senate on Monday the future of Brazil was at stake in her impeachment trial as her conservative opponents were using trumped-up charges to oust her and roll back the social advances of the past 13 years. The leftist leader, appearing before the Senate to defend herself in a process expected to remove her from office this week, said Brazil's economic elite and political opposition had sought to destabilize her gove
  
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• Loyal to a fault: Lotte probe exposes flaws of Korea Inc

  29-08-2016 16:34 via news.yahoo.com
  
  Loyalty has been a driving force in the success of South Korea's family-run "chaebol" conglomerates, but it can also shield the failings of its corporate culture and on Friday was linked to tragedy at the Lotte Group, the subject of a sweeping criminal probe. A prosecution spokesman could not immediately be reached for comment on Monday, and Lotte Group declined to comment except to say it was cooperating with prosecutors. Prosecutors have since June been investigating about a dozen units at the
  
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• MIDEAST STOCKS-Qatar outperforms, rest of region sluggish

  29-08-2016 16:30 via news.yahoo.com
  
  * Volumes low across region as oil, global markets cool * Qatar supported by blue chips * Aramex extends gains in Dubai * Saudi flat as petchems, bank shares mixed * Egypt slips as shares favoured by foreigners decline By Celine Aswad DUBAI, Aug 29 (Reuters) - Qatar's stock market outperformed the Gulf on Monday as large-caps carried the index higher, but other bourses were little changed as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away. Qatar's main index add
  
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• Aeroflot flies back into black

  29-08-2016 16:24 via news.yahoo.com
  
  Russia's flagship carrier Aeroflot said Monday it had piloted a return to profit after reining in its costs and enjoyed an ascent in passenger numbers among its company airlines. Russia's aviation industry has struggled in the face of the country's economic crisis caused by falling oil prices and Western sanctions imposed over Moscow's actions in Ukraine hitting travellers' wallets. Aeroflot, which also operates Rossiia and Pobeda airlines, has also cemented its leading position after the econom
  
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• European Commission says 'ball still rolling' on trade deal with U.S. after German comments

  29-08-2016 15:54 via news.yahoo.com
  
  The European Union's executive said on Monday it had a unanimous mandate from the bloc's 28 members to finalise negotiations on a free trade deal with the United States, a day after Germany's economy minister said the talks had "de facto failed". Sigmar Gabriel of Germany, the EU's biggest economy, said on Sunday that negotiations over the Transatlantic Trade and Investment Partnership (TTIP) had failed because Europe rejected some U.S. demands. Asked to comment on Gabriel's remarks, a European
  
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• BRIEF-Creditors approve debt restructuring of Renuka in Brazil - paper

  29-08-2016 15:47
  
  * Creditors of Renuka do Brasil, which operates two sugar
  and ethanol mills in Brazil, approved a debt restructuring plan
  of the financially troubled group, the Valor Economico newspaper
  said on...
  
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• Wall Street opens flat as investors take in Fed comments

  29-08-2016 15:36 via news.yahoo.com
  
  (Reuters) - U.S. stocks were little changed at the open on Monday as investors tried to decipher comments from top Federal Reserve officials regarding raising interest rates.
  
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• Wall St set to open flat as investors digest Fed comments

  29-08-2016 15:09 via news.yahoo.com
  
  Wall Street was set to open flat on Monday as investors pondered the timing of the next interest rate hike following comments from top Federal Reserve officials. Fed Chair Janet Yellen said on Friday the case for a rate increase was getting stronger, but provided little detail on when the central bank would next move. Vice Chair Stanley Fischer, in an interview with CNBC the same day, suggested that a move as soon as next month could be possible.
  
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• Wall Street set to open flat as investors digest Fed comments

  29-08-2016 15:00 via news.yahoo.com
  
  Fed Chair Janet Yellen said on Friday the case for a rate increase was getting stronger, but provided little detail on when the central bank would next move. Vice Chair Stanley Fischer, in an interview with CNBC the same day, suggested that a move as soon as next month could be possible. "It's a delicate yet deliberate delivery of reality," said Andre Bakhos, managing director at Janlyn Capital.
  
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• Automobiles boost U.S. consumer spending; inflation still tame

  29-08-2016 14:55 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending increased for a fourth straight month in July amid strong demand for automobiles, pointing to a pickup in economic growth that could pave the way for the Federal Reserve to raise interest rates this year. The Commerce Department said on Monday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.3 percent last month after a 0.5 percent gain in June. When adjusted for inflation, consumer s
  
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• Greek economy grows in second quarter but strong rebound elusive

  29-08-2016 13:53 via news.yahoo.com
  
  By George Georgiopoulos ATHENS (Reuters) - Greece's economy grew modestly in the second quarter but weak demand and scant investment mean a strong rebound after years of recession remains elusive a year after the country nearly crashed out of the euro. Rating agencies Moody's and S&P are more pessimistic, expecting the economy to shrink 0.7 percent and 1.0 percent respectively.
  
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• Futures flat after hawkish comments from Fed

  29-08-2016 13:33 via news.yahoo.com
  
  August 29 (Reuters) - Stock futures pointed to a flat opening for Canada's main stock index on Monday as investors assessed hawkish comments from senior U.S. Federal Reserve officials that indicated a U.S. interest rate hike was on the cards in the near term. Fed Chair Janet Yellen told a global monetary policy conference on Friday that the case for a rate increase had grown stronger, while Fed Vice Chair Stanley Fischer suggested a move could come at the central bank's September policy meeting
  
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• BRIEF-AK Steel enters settlement agreement with Magnetation and units in chapter 11 bankruptcy

  29-08-2016 13:09
  
  * Entered into global settlement agreement with Magnetation
  LLC and its affiliates in chapter 11 bankruptcy - SEC Filing
  
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• Kerry in Bangladesh for talks on security, human rights

  29-08-2016 12:06 via news.yahoo.com
  
  By Lesley Wroughton DHAKA (Reuters) - U.S. Secretary of State John Kerry arrived in Bangladesh on Monday to discuss security cooperation after a series of killings by Islamist militants, as well as economic development and human rights. Kerry will meet Prime Minister Sheikh Hasina, opposition and civic leaders during the one-day visit, his first to Bangladesh as secretary of state. While security cooperation between the United States and Bangladesh is not new, the Bangladeshi government has insi
  
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• US rate guesswork weighs on stock markets

  29-08-2016 12:03 via news.yahoo.com
  
  Stock markets across the world dipped Monday as investors tried to second-guess the US Federal Reserve on the timing of its next interest rate hike. In a much-scrutinized speech, Fed chief Janet Yellen on Friday hinted at a US interest rate rise by the end of the year. Yellen said a pick-up in the world's top economy and an improvement in the jobs market meant "the case for an increase in the federal funds rate has strengthened in recent months".
  
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• Asia markets dip, Tokyo soars as US rate talk hits yen

  29-08-2016 10:32 via news.yahoo.com
  
  Japanese stocks rallied on a weaker yen but other Asian markets retreated Monday after Federal Reserve chief Janet Yellen hinted at a US interest rate rise by the end of the year. In a much-anticipated speech Friday Yellen said a pick-up in the world's top economy and an improvement in the jobs market meant "the case for an increase in the federal funds rate has strengthened in recent months". Yellen did not give a timeframe during her speech at the annual Jackson Hole symposium of global centra
  
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• EU trade negotiator plays down reports of EU-US pact failure

  29-08-2016 10:03 via news.yahoo.com
  
  BRUSSELS (AP) — The European Union's lead negotiator in trade talks with the United States is downplaying an assertion from the German economy minister that negotiations on the proposed pact have failed.
  
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• Japan promises Kenya aid to fund development, power generation

  29-08-2016 08:49 via news.yahoo.com
  
  Japan will give Kenya 1 billion yen ($9.78 million) in aid to spur economic and social development, and will extend an as yet unspecified amount for a geothermal power project, the leaders of the two countries said. Resource-poor Japan has long been keen on tapping Africa's vast natural resources, even more so since dependence on oil and natural gas imports jumped after the 2011 Fukushima nuclear disaster shut almost all its nuclear reactors. "Japan will extend grant aid for economic and social
  
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• Most Asian stock markets slip following Janet Yellen's comments on interest rates

  29-08-2016 08:04 via news.yahoo.com
  
  Most Asian stock market indices were trading lower on 29 August (Monday), but the Shanghai Composite was up 0.06% at 3,072.01 as of 5.08am GMT, following US Fed Janet Yellen's comments on Friday (26 August).
  
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• Most Asia stocks slide on Fed officials' rate comments, dollar firms

  29-08-2016 05:37 via news.yahoo.com
  
  Most Asian share markets tumbled on Monday while the U.S. dollar added to gains made after Federal Reserve Chair Janet Yellen indicated a U.S. interest rate increase remains on the cards for this year. Japan's Nikkei bucked the trend and climbed 2.3 percent, the biggest one-day gain in three weeks, as the yen weakened against the resurgent dollar. The case for a U.S. rate hike has strengthened in recent months, with a lot of new jobs being created, and economic growth looks likely to continue at
  
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• Most Asia markets slump, Tokyo soars on US rate talk

  29-08-2016 05:30 via news.yahoo.com
  
  Japanese stocks rallied on a weaker yen but other Asian markets retreated on Monday after Federal Reserve chief Janet Yellen hinted at a US interest rate hike by the end of the year. In a much-anticipated speech Friday Yellen said a pick-up in the world's top economy and an improvement in the jobs market meant "the case for an increase in the federal funds rate has strengthened in recent months". "After a week of guessing, Dr. Yellen left little to the imagination when she stated that the case o
  
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• Australian casino billionaire sells down Crown Resorts stake below half

  29-08-2016 03:47
  
  SYDNEY (Reuters) - The billionaire owner of Australia's Crown Resorts Ltdhas trimmed his stake to less than half, the latest step in cutting down his involvement in the country's top casino company.
  
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• Chinese cities shut down factories ahead of G20 summit

  29-08-2016 02:44 via news.yahoo.com
  
  Chinese authorities have shut down scores of factories and ordered a mandatory holiday for workers ahead of a summit of leaders of the Group of 20 economic powers, authorities said. Along with the mandatory vacation, certain types of factories within a 300-kilometre (185 mile) radius of Hangzhou have been forced to shut down for 12 days in order to ensure blue skies for the visiting dignitaries, according to government websites. The order affects chemical producers, construction material factori
  
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• D.E. Shaw set to enter race for SunEdison's TerraForm Power: sources

  29-08-2016 02:28
  
  (Reuters) - Hedge fund manager D.E. Shaw & Co LP is weighing a bid for SunEdison Inc'scontrolling stake in TerraForm Power Inc , the bankrupt U.S. renewable energy producer's most valuable asset,...
  
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• Goldman Sachs and Morgan Stanley reinvent themselves

  29-08-2016 01:00
  
  The banking giants turn to more basic banking businesses of deposits and loans for the middle class
  
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